The document discusses key concepts related to macroeconomic growth, including: 1. Gross domestic product (GDP) is used to measure aggregate economic activity and output. GDP can be calculated using expenditure, production, and income approaches. 2. Nominal GDP measures total output in current prices, while real GDP accounts for inflation by using constant prices to measure output. 3. Economic growth is measured as the percentage change in real GDP from one period to the next. Periods of growth are called expansions, while declines are called contractions or recessions.